Final answer:
The Centers for Medicare and Medicaid Services oversees Medicare and Medicaid, develops public policy for these programs, and provides federal funding, handling administrative and financial aspects to ensure healthcare coverage for eligible individuals.
Step-by-step explanation:
The Centers for Medicare and Medicaid Services (CMS) performs a range of functions. As a federal agency, CMS works with state governments to manage the Medicare program, which provides health services to individuals over sixty-five and those with disabilities. In collaboration with state governments, CMS also oversees Medicaid, supporting low-income individuals, including the elderly and disabled, with medical insurance.
The agency is responsible for developing public policy related to these programs and provides a significant portion of federal funding to ensure they operate effectively. The functions of CMS include managing federal healthcare programs, policy development, and provision of federal funds.